Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the modified-accrual basis of accounting – when they become a demand on current available financial resources. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Wasatch County School District received all federal awards indirectly through pass-through entities, except for the monies from the Department of Defense and U.S. Forest Service. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Wasatch County School District (the District) under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position or fund balance of the District.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the schedule are reported on the modified-accrual basis of accounting – when they become a demand on current available financial resources. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Wasatch County School District received all federal awards indirectly through pass-through entities, except for the monies from the Department of Defense and U.S. Forest Service. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis cost rate.
Expenditures reported in the schedule are reported on the modified-accrual basis of accounting – when they become a demand on current available financial resources. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Wasatch County School District received all federal awards indirectly through pass-through entities, except for the monies from the Department of Defense and U.S. Forest Service. No federal financial assistance has been provided to a subrecipient.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported in the schedule are reported on the modified-accrual basis of accounting – when they become a demand on current available financial resources. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Wasatch County School District received all federal awards indirectly through pass-through entities, except for the monies from the Department of Defense and U.S. Forest Service. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis cost rate.
The District has not elected to use the 10% de minimis cost rate.
Title: Food Donation
Accounting Policies: Expenditures reported in the schedule are reported on the modified-accrual basis of accounting – when they become a demand on current available financial resources. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Wasatch County School District received all federal awards indirectly through pass-through entities, except for the monies from the Department of Defense and U.S. Forest Service. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis cost rate.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. At June 30, 2024, the District had food commodities totaling $50,392 in inventory.
Title: Other Federal Funding
Accounting Policies: Expenditures reported in the schedule are reported on the modified-accrual basis of accounting – when they become a demand on current available financial resources. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Wasatch County School District received all federal awards indirectly through pass-through entities, except for the monies from the Department of Defense and U.S. Forest Service. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis cost rate.
The District received Medical Assistance Program grant monies through the State of Utah Department of Health. These federal grants are not classified as federal financial assistance under Uniform Guidance because they are classified as Medicaid funding. The total billed for this program for the year ended June 30, 2024, was $601,626.